Our economy still needs a booster. The great way is to keep the tax credit (or increase it to $15,000) for 2009.
Again, not only for first time home buyers, for any home buyer that is willing to live in the property. New home builders are excited with statistics on home sales being up for last 3 months, inventory is down and demand is positive. They are not too enthusiastic about time running out. New constructions cannot be finished by the due date-November 30.
The National Association of Realtors said earlier this month that the credit has already brought 1.2 million new buyers into the market, including 350,000 buyers who would not have purchased a home without the credit.
Obama administration has been approached to evaluate the Tax Extension for 2009. The benefits may out scale the expectations. However, many say that housing recovery is the icing on a cake not the cake itself.